Summit Global Investments Takes $649,000 Position in Corebridge Financial, Inc. (NYSE:CRBG)

Summit Global Investments acquired a new position in shares of Corebridge Financial, Inc. (NYSE:CRBG) during the 3rd quarter, Holdings Channel reports. The fund acquired 22,248 shares of the company’s stock, valued at approximately $649,000.

A number of other institutional investors have also recently bought and sold shares of CRBG. Envestnet Portfolio Solutions Inc. bought a new position in shares of Corebridge Financial during the first quarter worth $251,000. Oppenheimer Asset Management Inc. bought a new position in Corebridge Financial during the first quarter worth about $473,000. Forsta AP Fonden acquired a new position in Corebridge Financial in the first quarter valued at about $1,979,000. Swiss National Bank bought a new stake in shares of Corebridge Financial in the first quarter worth about $21,455,000. Finally, Sei Investments Co. raised its position in shares of Corebridge Financial by 97.5% during the first quarter. Sei Investments Co. now owns 419,541 shares of the company’s stock worth $12,053,000 after purchasing an additional 207,071 shares during the period. Institutional investors and hedge funds own 98.25% of the company’s stock.

Insider Activity at Corebridge Financial

In other news, major shareholder International Group American sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $28.86, for a total value of $144,300,000.00. Following the completion of the sale, the insider now directly owns 279,238,898 shares of the company’s stock, valued at $8,058,834,596.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.08% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently issued reports on CRBG shares. Piper Sandler lowered their target price on Corebridge Financial from $35.00 to $34.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. TD Cowen began coverage on shares of Corebridge Financial in a report on Wednesday, October 9th. They set a “buy” rating and a $35.00 price objective on the stock. Morgan Stanley upped their target price on shares of Corebridge Financial from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Royal Bank of Canada dropped their price target on Corebridge Financial from $33.00 to $32.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, Barclays increased their price objective on Corebridge Financial from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.85.

Corebridge Financial Stock Down 3.2 %

NYSE:CRBG opened at $30.82 on Friday. Corebridge Financial, Inc. has a twelve month low of $18.83 and a twelve month high of $34.66. The firm has a market capitalization of $17.53 billion, a price-to-earnings ratio of -14.75, a price-to-earnings-growth ratio of 0.44 and a beta of 0.90. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 0.83. The stock’s 50 day moving average price is $29.63 and its two-hundred day moving average price is $29.15.

Corebridge Financial (NYSE:CRBG) last released its earnings results on Monday, November 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.21. Corebridge Financial had a negative net margin of 6.10% and a positive return on equity of 22.24%. The business had revenue of $5.53 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period last year, the business earned $1.05 earnings per share. The firm’s revenue was up 39.5% on a year-over-year basis. Equities research analysts expect that Corebridge Financial, Inc. will post 4.7 earnings per share for the current fiscal year.

Corebridge Financial Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be issued a $0.23 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.99%. Corebridge Financial’s payout ratio is -44.02%.

Corebridge Financial Profile

Corebridge Financial, Inc provides retirement solutions and insurance products in the United States. The company operates through Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets segments. The Individual Retirement segment provides fixed annuities, fixed index annuities, variable annuities, and retail mutual funds.